Don't keep you belt on the car for 26 years and don't let the engine stand still for 10 years. The belt will fail if you think it will last another year.

This shows the imprint of the tensioner on the belt. Unbelievable, you can see how bad this is.

Back together again and running - first try.  One sure has to be careful of the order things go back.  Had to redo a number of steps along the way including an extra bolt in the water pump. Many thanks to Jim at 928 International for all the help and parts.
Things not to do:

Now on to stickier thinks like why does everything pulse when running.
Three alternators to choose from and I am going to try a rheostat for the resistor to see if changing the resistance will fix the problem.

VERY important. Many people make that mistake. The engine MUST be at TDC when measuring timing belt tension (0|T marker). Any other point will show the wrong value and your belt will probably be too loose. Also, never turn the engine back if you overshoot TDC, not even 1mm. If you do, the tension value you get will be wrong.